Microsoft Stock MSFT

Price

400.29 USD
Today +/-
+3.72 USD
Today %
+0.93 %
P

Microsoft stock price

Weekly
Details

Price

Overview

The Quote Chart provides detailed and dynamic insights into the Microsoft stock's performance, showcasing daily, weekly, or monthly aggregated quotes. Users can switch between different time frames to analyze the stock's progression meticulously and make informed investment decisions.

Intraday Feature

The intraday feature provides real-time data, allowing investors to view the Microsoft stock’s price fluctuations within the trading day, facilitating timely and strategic investment decisions.

Total Return and Relative Price Change

View the total return of the Microsoft stock to gauge its profitability over time. The relative price change, based on the first quote available in the selected timeframe, offers insights into the stock’s performance, assisting in evaluating its investment potential.

Interpretation and Investment

Utilize the comprehensive data presented in the Quote Chart to analyze Microsoft's market trends, price movements, and potential returns. Make informed investment choices by comparing different time frames and evaluating intraday data for optimized portfolio management.

Microsoft Stock Price History
DateMicrosoft Price
2/18/2026400.29 USD
2/17/2026396.56 USD
2/13/2026400.20 USD
2/12/2026402.11 USD
2/11/2026405.00 USD
2/10/2026413.87 USD
2/9/2026414.52 USD
2/6/2026402.33 USD
2/5/2026391.10 USD
2/4/2026412.60 USD
2/3/2026411.52 USD
2/2/2026423.13 USD
1/30/2026429.02 USD
1/29/2026435.78 USD
1/28/2026457.95 USD
1/27/2026481.24 USD
1/26/2026471.21 USD
1/23/2026465.95 USD
1/22/2026450.88 USD
1/21/2026445.21 USD
1/20/2026454.93 USD

Microsoft Revenue, EBIT, Net Income

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2006
44.28 B USD
17.79 B USD
12.6 B USD
Jan 1, 2007
51.12 B USD
18.95 B USD
14.07 B USD
Jan 1, 2008
60.42 B USD
22.27 B USD
17.68 B USD
Jan 1, 2009
58.44 B USD
20.69 B USD
14.57 B USD
Jan 1, 2010
62.48 B USD
24.16 B USD
18.76 B USD
Jan 1, 2011
69.94 B USD
27.16 B USD
23.15 B USD
Jan 1, 2012
73.72 B USD
27.96 B USD
16.98 B USD
Jan 1, 2013
77.85 B USD
26.76 B USD
21.86 B USD
Jan 1, 2014
86.83 B USD
27.89 B USD
22.07 B USD
Jan 1, 2015
93.58 B USD
28.17 B USD
12.19 B USD
Jan 1, 2016
91.15 B USD
27.19 B USD
20.54 B USD
Jan 1, 2017
96.57 B USD
31.37 B USD
25.49 B USD
Jan 1, 2018
110.36 B USD
35.06 B USD
16.57 B USD
Jan 1, 2019
125.84 B USD
42.96 B USD
39.24 B USD
Jan 1, 2020
143.02 B USD
52.96 B USD
44.28 B USD

Microsoft Income Statement, Balance Sheet, Cash Flow Statement

 
REVENUE (B USD)
REVENUE GROWTH (%)
GROSS MARGIN (%)
GROSS INCOME (B USD)
NET INCOME (B USD)
NET INCOME GROWTH (%)
DIV. (USD)
DIV. GROWTH (%)
SHARES (B)
DOCUMENTS
19831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026e2027e2028e2029e2030e2031e
0.050.10.140.20.350.590.81.181.842.763.794.716.089.0511.9415.2619.7522.9625.328.3732.1936.8439.7944.2851.1260.4258.4462.4869.9473.7277.8586.8393.5891.1596.57110.36125.84143.02168.09198.27211.92245.12281.72334.64386.66450.05526.24602.78675.06
94.0044.3341.4374.7570.8135.8747.3255.7949.7037.2224.5128.8748.9731.8927.8729.3916.2510.1912.1313.4714.448.0211.2915.4518.19-3.286.9311.945.405.6011.547.77-2.595.9414.2814.0313.6517.5317.966.8815.6714.9318.7815.5516.3916.9314.5411.99
68.0076.2977.8679.2978.6174.9674.6078.7080.3683.0779.2777.1577.8476.3081.8283.8885.7586.9286.3479.9181.1882.0984.8482.7279.0880.8079.2080.1677.7376.2273.8168.8264.7064.0464.5265.2565.9067.7868.9368.4068.9269.7668.8257.9450.1543.0836.8532.1728.72
0.030.070.110.160.270.440.60.931.482.2933.644.736.919.7712.816.9319.9521.8422.6726.1330.2433.7636.6340.4348.8246.2850.0954.3756.1957.4659.7660.5458.3762.3172.0182.9396.94115.86135.62146.05171.01193.89000000
0.010.020.020.040.070.120.170.280.460.710.951.151.452.23.444.467.769.417.355.367.538.1712.2512.614.0717.6814.5718.7623.1516.9821.8622.0712.1920.5425.4916.5739.2444.2861.2772.7472.3688.14101.83126.78145.08170.66208.22242.41290.87
150.0060.0062.5084.6272.2237.1064.1265.9552.9234.6020.2526.7951.0756.6729.7573.8521.28-21.92-27.1040.638.4650.022.8211.6425.71-17.6028.7723.40-26.6628.770.97-44.7668.4524.10-34.99136.8012.8538.3718.72-0.5221.8015.5424.5014.4417.6322.0116.4219.99
-----------------------0.350.400.440.520.520.640.800.921.121.241.441.561.681.842.042.242.482.723.003.323.645.566.568.039.3211.19
14.2910.0018.1823.0825.0015.0021.7410.7116.138.337.699.5210.879.8010.719.6810.2910.679.6452.7517.9922.4116.0620.06
6.536.616.77.267.968.048.18.69.019.429.699.7510.0310.2510.4910.7210.9611.0711.1511.1110.8810.8910.9110.539.899.4798.938.598.518.478.48.258.017.837.797.757.687.617.547.477.477.47000000
Details

Keystats

Revenue and Growth

The Microsoft Revenue and Revenue Growth are pivotal to understanding the company's financial health and operational efficiency. A consistent increase in revenue indicates a company’s ability to effectively market and sell its products or services, while the revenue growth percentage offers insights into the pace at which the company is expanding over the years.

Gross Margin

The Gross Margin is a crucial metric that showcases the percentage of revenue exceeding the cost of goods sold (COGS). A higher gross margin is indicative of a company’s efficiency in controlling its production costs, thereby promising potential profitability and financial stability.

EBIT and EBIT Margin

EBIT (Earnings Before Interest and Taxes) and EBIT Margin offer deep insights into a company’s profitability, excluding the impacts of interest and taxes. Investors often assess these metrics to gauge the operational efficiency and inherent profitability of a business, separate from its financial structure and tax environment.

Income and Growth

Net Income and its subsequent growth are quintessential for investors looking to understand a company’s profitability. Consistent income growth underscores a company’s ability to enhance its profitability over time, reflecting operational efficiency, strategic competitiveness, and financial health.

Shares Outstanding

Shares outstanding refer to the total number of shares a company has issued. It's instrumental in calculating key metrics like Earnings Per Share (EPS) which is pivotal for investors to evaluate a company’s profitability on a per-share basis, offering a more granular view of financial health and valuation.

Interpreting Year to Year Comparison

Comparing yearly data allows investors to identify trends, assess the company’s growth, and anticipate potential future performance. Analyzing how metrics like revenue, income, and margins change year over year can provide valuable insights into the company’s operational efficiency, competitiveness, and overall financial health.

Expectations and Predictions

Investors often juxtapose the current and past financial data with the market’s expectations. This comparison aids in assessing whether the Microsoft is performing as anticipated, underperforming or outperforming the market predictions, providing pivotal data for investment decisions.

 
ASSETS
CASH BALANCE (B USD)
RECEIVABLES (B USD)
OTHER REC. (B USD)
INVENTORIES (B USD)
OTHER CURRENT LIAB. (B USD)
CURRENT ASSETS (B USD)
TANGIBLE ASSETS (B USD)
LONG-T. INVEST. (B USD)
LONG-T. REC. (B USD)
INTANGIBLE ASSETS (B USD)
GOODWILL (B USD)
OTHER NON-CURRENT ASSETS (B USD)
NON-CURRENT ASSETS (B USD)
TOTAL ASSETS (B USD)
LIABILITIES
COMMON STOCK (B USD)
ADDITIONAL PAID-IN CAPITAL (B USD)
RETAINED EARNINGS (B USD)
OTHER EQUITY (B USD)
UNREAL. GAINS/LOSSES (B USD)
EQUITY (B USD)
LIABILITIES (B USD)
PROVISIONS (B USD)
OTHER SHORT-TERM LIAB. (B USD)
SHORT-TERM DEBTS (B USD)
LONG-TERM DEBT PORTION (B USD)
SHORT-TERM REC. (B USD)
LONG-T. LIAB. (B USD)
DEFERRED TAXES (B USD)
OTHER LIAB. (B USD)
LONG-T. LIABILITIES (B USD)
DEBT (B USD)
TOTAL CAPITAL (B USD)
19851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025
                                         
0.020.10.130.180.30.450.691.342.293.614.756.948.9713.9317.2423.831.638.6549.0560.5937.7534.1623.4123.6631.4536.7952.7763.0476.7885.4796.28113.17132.88133.65133.82136.53130.33104.76111.2675.5494.57
0.030.030.060.090.110.180.240.270.340.480.580.640.981.462.253.253.675.135.25.897.189.3211.3413.5911.1913.0114.9915.7817.4919.5417.9118.2822.4326.4829.5232.0138.0444.2648.6956.9269.91
00000000000000000000000000000000000000010.58.2
0.010.010.020.050.040.060.050.090.130.10.09000000.080.670.640.420.491.481.130.990.720.741.371.141.942.662.92.252.182.662.061.92.643.742.51.250.94
000.010.010.020.030.050.070.10.120.20.260.430.52.223.263.864.124.093.663.324.064.295.015.925.135.795.135.276.585.715.975.26.8710.1511.4813.3916.9221.8115.5217.52
0.050.150.210.350.470.721.031.772.854.315.627.8410.3715.8921.730.3139.2148.5858.9770.5748.7449.0140.1743.2449.2855.6874.9285.08101.47114.25122.8139.66162.7169.66175.55181.92184.41169.68184.26159.73191.13
0.010.020.070.130.20.330.530.770.870.931.191.331.471.511.611.92.312.272.222.332.353.044.356.247.547.638.168.279.9913.0114.7318.3630.2936.1543.8652.970.887.55109.99154.55229.79
000000000000.682.354.714.3717.7314.3614.1913.6912.21119.2310.126.594.937.7510.879.7810.8414.5912.0310.415.961.862.652.975.986.899.8814.615.41
000000000000000000000000000000001.71.82.22.73.43.84.54.95.2
00000000000000000.40.240.380.570.50.540.881.971.761.160.743.173.086.984.843.7310.118.057.757.047.811.39.3727.622.6
00000000000000001.511.433.133.123.313.874.7612.1112.512.3912.5813.4514.6620.1316.9417.8735.1235.6842.0343.3549.7167.5267.89119.22119.51
000.010.020.050.060.090.10.090.120.40.250.20.260.942.211.040.943.335.584.923.912.92.641.881.51.431.522.393.433.143.434.445.6412.5210.4411.6818.126.131.5635.37
0.010.020.080.150.250.390.620.870.961.051.592.254.016.4716.9221.8419.6219.0722.7623.822.0820.592329.5528.6130.4433.7936.1940.9758.1451.6853.8187.6289.19111119.4149.37195.16227.72352.43427.87
0.070.170.290.490.721.111.642.643.815.367.2110.0914.3922.3638.6352.1558.8367.6581.7394.3770.8269.663.1772.7977.8986.11108.7121.27142.43172.38174.47193.47250.31258.85286.56301.31333.78364.84411.98512.16619
                                         
00000.110.220.40.661.091.52.012.925.499.0114.8223.228.3931.6549.2356.460.4159.0160.5662.8562.3862.8663.4265.852.0551.4950.1748.848.1847.9849.6847.3246.9946.6546.4546.4646.46
000000000000000000000000000015.2616.8718.319.3821.1423.2428.8433.2336.1240.2947.2754.4662.63
0.050.140.240.380.450.70.961.542.162.953.333.985.297.6213.6118.1718.920.5315.6818.43-12.3-20.13-31.11-27.7-23.79-17.74-8.2-0.869.917.719.12.2817.7713.6824.1534.5757.0684.28118.85173.14237.73
0000000000000000000001.231.651.140.470.290.04-0.01-0.050.18-0.65-1.4-1.2-1.3-1.83-2.29-1.4-2.54-2.76-2.97-2.3
0000000000000000000000000.50.771.821.431.793.533.172.941.83-0.891.495.483.22-2.14-3.58-2.63-1.05
0.050.140.240.380.560.921.352.193.244.455.336.9110.7816.6328.4441.3747.2952.1864.9174.8348.1240.131.136.2939.5646.1857.0866.3678.9489.7880.087287.7182.72102.33118.3141.99166.54206.22268.48343.48
00.010.020.040.040.050.090.190.240.320.560.810.720.760.871.081.191.211.571.722.092.913.254.033.324.034.24.184.837.436.596.97.398.629.3812.5315.161918.12227.72
000.010.020.030.030.040.060.090.10.130.20.340.360.40.560.741.151.421.341.661.942.332.933.163.283.583.884.124.85.15.265.827.58.359.4912.0212.8913.4216.1419.13
0.010.020.020.040.070.10.150.190.240.490.651.422.554.617.538.127.3210.3910.9911.9113.1317.618.1822.9218.5517.842123.4125.4731.430.4834.2732.338.245.864652.6159.3866.1975.8688.19
000.010.020.030.010.020.0100000000000000002100024.9912.99.070000006.690
0000000000000000000000000001.23302.50.031.164.175.834.298.863.816.444.66.17
0.010.030.050.120.160.190.290.450.560.911.352.433.615.738.89.769.2512.7413.9714.9716.8822.4423.7529.8927.0326.1528.7732.6937.4245.6349.6559.3655.7558.4969.4272.3188.6695.08104.15125.29141.22
0000000000000000000000003.754.9411.9210.7112.620.6527.8141.3278.576.3772.9268.5361.8260.8757.8667.4883.15
000000000000001.391.030.410.400000000.231.461.891.712.731.31.485.730.540.230.20.20.230.432.622.84
00000000000.410.6400001.882.322.854.575.827.058.326.627.558.629.479.6111.7613.615.6419.3222.6240.7341.6541.9641.1142.1143.3148.348.32
00000000000.410.64001.391.032.292.722.854.575.827.058.326.6211.313.7922.8522.2226.0736.9844.7462.11106.86117.64114.81110.7103.13103.22101.6118.4134.31
0.010.030.050.120.160.190.290.450.560.911.753.063.615.7310.1910.7811.5415.4716.8219.5422.729.4932.0736.5138.3339.9451.6254.9163.4982.694.39121.47162.6176.13184.23183.01191.79198.3205.75243.69275.52
0.070.170.290.490.721.111.642.643.815.367.099.9714.3922.3638.6352.1558.8367.6581.7394.3770.8269.663.1772.7977.8986.11108.7121.27142.43172.38174.47193.47250.31258.85286.56301.31333.78364.84411.98512.16619
Details

Balance Sheet

Understanding the Balance Sheet

The balance sheet of Microsoft provides a detailed financial snapshot, revealing the company's assets, liabilities, and equity at a specific point in time. Analyzing these components is crucial for investors looking to understand Microsoft's financial health and stability.

Assets

Microsoft's assets represent everything the company owns or controls that has monetary value. These are categorized into current and non-current assets, offering insights into the company's liquidity and long-term investments.

Liabilities

Liabilities are obligations that Microsoft must settle in the future. Analyzing the ratio of liabilities to assets provides insights into the company's financial leverage and risk exposure.

Equity

Equity refers to the residual interest in the assets of Microsoft after deducting liabilities. It represents the owners’ claim on the company’s assets and earnings.

Year-to-Year Analysis

Comparing balance sheet figures year-to-year allows investors to identify trends, growth patterns, and potential financial risks, facilitating informed investment decisions.

Interpreting the Data

Detailed analysis of assets, liabilities, and equity can provide investors with comprehensive insights into Microsoft's financial standing, aiding in investment evaluations and risk assessments.

 
NET INCOME (B USD)
DEPRECIATION (B USD)
DEFERRED TAXES (B USD)
CHANGES IN WORKING CAPITAL (B USD)
NON-CASH ITEM (B USD)
PAID INTEREST (B USD)
PAID TAXES (B USD)
NET CASH FLOW FROM OPERATING ACTIVITIES (B USD)
CAPITAL EXPENDITURES (M USD)
CASH FLOW FROM INVESTING ACTIVITIES (B USD)
CASH FLOW FROM OTHER INVESTING ACTIVITIES (B USD)
INTEREST INCOME AND EXPENSES (M USD)
NET DEBT CHANGE (B USD)
NET CHANGE IN EQUITY (M USD)
CASH FLOW FROM FINANCING ACTIVITIES (B USD)
CASH FLOW FROM OTHER FINANCING ACTIVITIES (M USD)
TOTAL DIVIDENDS PAID (M USD)
NET CHANGE IN CASH FLOW (B USD)
FREE CASH FLOW (M USD)
SHARE-BASED COMPENSATION (M USD)
1987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023
0.070.120.170.280.460.710.951.151.452.23.454.497.799.427.355.367.538.1712.2512.614.0717.6814.5718.7623.1516.9821.8622.0712.1920.5425.4916.5739.2444.2861.2772.7472.36
0.010.020.020.050.080.110.150.240.270.480.561.020.931.251.540.941.391.190.860.91.442.062.562.672.772.973.765.215.966.628.7810.2611.6812.811.6914.4613.86
000000000000-0.65-0.43-0.42-1.58-0.89-1.48-0.180.220.420.940.76-0.2200.95-0.02-0.330.222.48-0.83-5.14-6.460.01-0.15-5.7-6.06
-0.02-0.030.03-0.050.020.08-0.030.210.250.54-0.18-0.40.43-3.2-0.3-0.231.051.960.17-2.4-0.96-2.44-0.180.66-3-0.17-1.380.621.510.614.8820.473.87-1.48-0.940.45-2.39
000000000.020.510.863.323.664.385.2610.036.724.793.54.84.384.853.034.096.2513.157.027.111.775.744.465.678.5110.3610.9914.619.42
000000000000000000000000.150.20.340.370.510.621.11.62.42.42.421.91.7
0.030.030.050.080.120.180.190.250.430.761.11.10.870.81.31.92.82.54.334.785.245.46.64.15.33.53.95.54.43.91.65.58.412.513.41623.1
0.060.110.220.280.560.91.071.591.993.724.698.4312.1511.4313.4214.5115.814.6316.6114.417.821.6119.0424.0726.9931.6328.8332.2329.0833.3339.5143.8852.1960.6876.7489.0487.58
-58-84-89-158-264-317-236-278-495-494-499-656-583-879-1,103-770-891-1,109-812-1,578-2,264-3,182-3,119-1,977-2,355-2,305-4,257-5,485-5,944-8,343-8,129-11,632-13,925-15,441-20,622-23,886-28,107
-0.1-0.11-0.15-0.27-0.38-0.64-0.98-1.2-1.38-2.67-3.09-7.27-10.2-9.39-8.73-10.85-7.5-3.3415.0386.09-4.59-15.77-11.31-14.62-24.79-23.81-18.83-23-23.95-46.78-6.06-15.77-12.22-27.58-30.31-22.68
-0.04-0.03-0.06-0.11-0.12-0.33-0.74-0.92-0.88-2.18-2.59-6.62-9.62-8.51-7.63-10.08-6.6-2.2315.849.588.35-1.41-12.65-9.34-12.26-22.48-19.55-13.35-17.06-15.61-38.655.57-1.853.22-6.96-6.435.43
0000000000000000000000000000000000000
00.020.01-0.020.01000000000000000005.750.195.9603.546.9613.6618.2831.46-10.2-4-5.52-3.75-9.02-2.75
22626-1030-21-68-317-757-1,282-971-834-2,179-5,821-4,572-4,366-635-4,948-17,106-20,793-9,039-8,774-8,958-9,133-3,116-4,429-6,709-13,809-15,301-11,016-9,719-18,401-21,625-25,692-30,855-20,379
0.030.030.030.04-00.130.190.08-0.14-0.41-0.5-1-0.86-2.19-5.59-4.57-5.22-2.36-41.08-20.56-24.54-12.93-7.46-13.29-8.38-9.41-8.15-8.39-9.08-8.398.41-33.59-36.89-46.03-48.49-58.88-43.94
2412143785130207151179352796000235000-1889541203355-2393199232950-369-190-971-675-3,751-2,523-863-1,006
0000000000-15-28-28-1300-857-1,729-36,112-3,545-3,805-4,015-4,468-4,578-5,180-6,385-7,455-8,879-9,882-11,006-11,845-12,699-13,811-15,137-16,521-18,135-19,800
-0.010.030.10.050.170.370.220.460.490.641.110.131.14-0.13-0.92-0.913.148.95-9.451.86-0.64.23-4.26-0.574.11-2.67-3.134.87-3.070.921.154.28-0.592.220.65-0.2920.77
1281331202945798381,3151,4953,2254,1907,77711,56310,54712,31913,73914,90613,51715,79312,82615,53218,43015,91822,09624,63929,32124,57626,74623,13624,98231,37832,25238,26045,23456,11865,14959,475
0000000000000000000000000000000000000

Microsoft stock margins

The Microsoft margin analysis displays the gross margin, EBIT margin, as well as the profit margin of Microsoft. The EBIT margin (EBIT/sales) indicates the percentage of sales that remains as operating profit. The profit margin shows the percentage of sales that remains for Microsoft.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2006
82.72 %
40.18 %
28.45 %
Jan 1, 2007
79.08 %
37.07 %
27.51 %
Jan 1, 2008
80.8 %
36.86 %
29.26 %
Jan 1, 2009
79.2 %
35.41 %
24.93 %
Jan 1, 2010
80.16 %
38.66 %
30.02 %
Jan 1, 2011
77.73 %
38.83 %
33.1 %
Jan 1, 2012
76.22 %
37.92 %
23.03 %
Jan 1, 2013
73.81 %
34.38 %
28.08 %
Jan 1, 2014
68.82 %
32.11 %
25.42 %
Jan 1, 2015
64.7 %
30.1 %
13.03 %
Jan 1, 2016
64.04 %
29.83 %
22.53 %
Jan 1, 2017
64.52 %
32.48 %
26.39 %
Jan 1, 2018
65.25 %
31.77 %
15.02 %
Jan 1, 2019
65.9 %
34.14 %
31.18 %
Jan 1, 2020
67.78 %
37.03 %
30.96 %

Microsoft Stock Sales Revenue, EBIT, Earnings per Share

The Microsoft earnings per share therefore indicates how much revenue Microsoft has generated per share in a given period. The earnings before interest and taxes per share shows how much of the operating profit corresponds to each share. The earnings per share indicates how much of the profit belongs to each share.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Sales per Share
EBIT per share
Earnings per Share
Details
Date
Sales per Share
EBIT per share
Earnings per Share
Jan 1, 2006
4.2 USD
1.69 USD
1.2 USD
Jan 1, 2007
5.17 USD
1.92 USD
1.42 USD
Jan 1, 2008
6.38 USD
2.35 USD
1.87 USD
Jan 1, 2009
6.5 USD
2.3 USD
1.62 USD
Jan 1, 2010
7 USD
2.71 USD
2.1 USD
Jan 1, 2011
8.14 USD
3.16 USD
2.69 USD
Jan 1, 2012
8.67 USD
3.29 USD
2 USD
Jan 1, 2013
9.19 USD
3.16 USD
2.58 USD
Jan 1, 2014
10.34 USD
3.32 USD
2.63 USD
Jan 1, 2015
11.34 USD
3.41 USD
1.48 USD
Jan 1, 2016
11.38 USD
3.39 USD
2.56 USD
Jan 1, 2017
12.33 USD
4.01 USD
3.25 USD
Jan 1, 2018
14.16 USD
4.5 USD
2.13 USD
Jan 1, 2019
16.23 USD
5.54 USD
5.06 USD
Jan 1, 2020
18.61 USD
6.89 USD
5.76 USD

Microsoft business model

Microsoft is an American company known worldwide for its computer software and hardware. It was founded in 1975 by Bill Gates and Paul Allen in Albuquerque, New Mexico. The success story of Microsoft began in the 1980s with the introduction of MS-DOS, an operating system for IBM-compatible PCs. The company gained its dominant market position through contracts with IBM and the acquisition of MS-DOS rights from Seattle Computer Products. Microsoft expanded its product range and introduced new operating systems, becoming a global leader in the PC software market. Microsoft's business model focuses on providing software, services, and hardware. The company specializes in three main areas: productivity and business processes, intelligent cloud computing, and personal computers and devices. The productivity and business processes area includes products like Microsoft Office and Dynamics 365. Microsoft Azure and Power BI are part of the intelligent cloud computing area, while personal computers and devices include devices like Xbox and the Surface product line. Microsoft has also positioned itself in other areas, such as Windows phones, Cortana (Microsoft's digital assistant), and Skype (communication service). The company completed a merger with LinkedIn, the world's largest professional network, to expand its position in the productivity software area. In summary, Microsoft is an American company known worldwide for its computer software and hardware. It focuses on three main areas: productivity and business processes, intelligent cloud computing, and personal computers and devices. Microsoft gained worldwide fame through its operating systems like MS-DOS and has since become a market leader in the software industry. Microsoft is one of the most popular companies on Eulerpool.com.

Microsoft SWOT Analysis

Helpful
Harmful
Internal

Strengths

Microsoft benefits from a strong brand image and reputation in the software industry, allowing them to attract and retain customers.

They have a diversified product portfolio, including popular software such as Windows operating system, Office suite, and Azure cloud services, providing multiple sources of revenue.

Microsoft has a strong research and development team, enabling them to constantly innovate and introduce new technologies.

Weaknesses

Microsoft heavily relies on the success of traditional software, which may limit their ability to quickly adapt to emerging trends such as mobile applications.

Their products often face compatibility issues and require regular updates, which can lead to customer frustration.

Competition in the software market is intense, with many alternative solutions available, posing a challenge to Microsoft's market dominance.

External

Opportunities

The growing demand for cloud computing presents Microsoft with opportunities to expand their Azure services and capture a larger market share.

Microsoft can leverage their strong presence in the enterprise sector to offer integrated solutions and capitalize on the increasing need for digital transformation.

Continued investments in artificial intelligence and machine learning technologies can open up new avenues for product development and differentiation.

Threats

Open-source software and free alternatives pose a threat to Microsoft's paid software products, as they offer similar functionality at no cost.

Rapid technological advancements may make Microsoft's existing products obsolete, requiring them to constantly adapt and stay ahead of the competition.

Issues related to data privacy and security can erode customer trust in Microsoft's cloud services and impact adoption rates.

Microsoft Revenue by Segment

  • 3 Years

  • 5 Years

  • Max

Details
Date
Service and Other
Product
Jan 1, 2010
0 USD
0 USD
Jan 1, 2011
0 USD
0 USD
Jan 1, 2012
0 USD
0 USD
Jan 1, 2013
0 USD
0 USD
Jan 1, 2014
0 USD
0 USD
Jan 1, 2015
0 USD
0 USD
Jan 1, 2018
45.86 B USD
64.5 B USD
Jan 1, 2019
59.77 B USD
66.07 B USD
Jan 1, 2020
74.97 B USD
68.04 B USD
Jan 1, 2021
97.01 B USD
71.07 B USD
Jan 1, 2022
125.54 B USD
72.73 B USD
Jan 1, 2024
180.35 B USD
64.77 B USD
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Details
Date
Server products and cloud services
Office products and cloud services
Windows
Microsoft Office system
Server Products and Cloud Services
Gaming
Server products and tools
Office Products and Cloud Services
Windows Operating Systems for Computing Devices
Other products and services
LinkedIn Corporation
Devices
Windows PC operating systems
Enterprise services
Search advertising
Xbox 360 platform
Consulting and product support services
Advertising
LinkedIn
Search and News Advertising
Search and news advertising
Phone
Xbox
Xbox Platform
Enterprise and Partner Services
Dynamics Products and Cloud Services
Surface
Other
Jan 1, 2010
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2011
0 USD
0 USD
0 USD
20.73 B USD
0 USD
0 USD
13.25 B USD
0 USD
0 USD
3.75 B USD
0 USD
0 USD
17.83 B USD
0 USD
0 USD
8.1 B USD
3.37 B USD
2.91 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2012
0 USD
0 USD
0 USD
22.3 B USD
0 USD
0 USD
14.23 B USD
0 USD
0 USD
4.67 B USD
0 USD
0 USD
17.32 B USD
0 USD
0 USD
8.05 B USD
3.98 B USD
3.18 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2013
0 USD
0 USD
0 USD
23 B USD
0 USD
0 USD
15.41 B USD
0 USD
17.53 B USD
7.06 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
7.1 B USD
4.37 B USD
3.39 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2014
0 USD
0 USD
0 USD
24.32 B USD
0 USD
0 USD
17.06 B USD
0 USD
16.86 B USD
6.22 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
4.77 B USD
4.02 B USD
0 USD
0 USD
0 USD
3.07 B USD
0 USD
8.64 B USD
0 USD
0 USD
1.88 B USD
0 USD
Jan 1, 2015
0 USD
0 USD
0 USD
23.54 B USD
0 USD
0 USD
18.61 B USD
0 USD
14.83 B USD
6.23 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
5.09 B USD
4.56 B USD
0 USD
0 USD
0 USD
7.7 B USD
9.12 B USD
0 USD
0 USD
0 USD
3.9 B USD
0 USD
Jan 1, 2018
26.13 B USD
28.32 B USD
19.52 B USD
0 USD
0 USD
10.35 B USD
0 USD
0 USD
0 USD
2.79 B USD
5.26 B USD
5.13 B USD
0 USD
5.85 B USD
7.01 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2019
32.62 B USD
31.77 B USD
20.4 B USD
0 USD
0 USD
11.39 B USD
0 USD
0 USD
0 USD
3.07 B USD
6.75 B USD
6.1 B USD
0 USD
6.12 B USD
7.63 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2020
41.38 B USD
35.32 B USD
22.29 B USD
0 USD
0 USD
11.58 B USD
0 USD
0 USD
0 USD
3.77 B USD
8.08 B USD
6.46 B USD
0 USD
6.41 B USD
7.74 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2021
52.59 B USD
39.87 B USD
23.23 B USD
0 USD
0 USD
15.37 B USD
0 USD
0 USD
0 USD
4.48 B USD
10.29 B USD
6.79 B USD
0 USD
6.94 B USD
8.53 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2022
67.32 B USD
44.86 B USD
24.76 B USD
0 USD
0 USD
16.23 B USD
0 USD
0 USD
0 USD
5.29 B USD
13.82 B USD
6.99 B USD
0 USD
7.41 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
11.59 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2024
0 USD
0 USD
23.24 B USD
0 USD
97.73 B USD
21.5 B USD
0 USD
54.88 B USD
0 USD
0 USD
0 USD
4.71 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
16.37 B USD
12.58 B USD
0 USD
0 USD
0 USD
0 USD
7.59 B USD
6.48 B USD
0 USD
45 M USD
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Details
Date
Intelligent Cloud
More Personal Computing
Productivity And Business Processes
Microsoft Business Division
Commercial Licensing
Productivity and Business Processes
Server and Tools
Windows and Windows Live
Entertainment and Devices Division[Member]
Devices and Consumer Licensing
Computing and Gaming Hardware
Windows Division
Commercial Other
Devices and Consumer Other
Online Services Division
Phone Hardware
Unallocated and Other Reportable Segment
Jan 1, 2010
0 USD
0 USD
0 USD
18.91 B USD
0 USD
0 USD
14.88 B USD
17.79 B USD
8.11 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
2.2 B USD
0 USD
597 M USD
Jan 1, 2011
0 USD
0 USD
0 USD
21.99 B USD
0 USD
0 USD
17.11 B USD
18.78 B USD
8.72 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
2.53 B USD
0 USD
828 M USD
Jan 1, 2012
0 USD
0 USD
0 USD
23.96 B USD
0 USD
0 USD
18.7 B USD
18.82 B USD
9.59 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
2.93 B USD
0 USD
-273 M USD
Jan 1, 2013
0 USD
0 USD
0 USD
24.74 B USD
0 USD
0 USD
20.3 B USD
0 USD
10.21 B USD
0 USD
0 USD
18.68 B USD
0 USD
0 USD
3.28 B USD
0 USD
0 USD
Jan 1, 2014
0 USD
0 USD
0 USD
0 USD
42.03 B USD
0 USD
0 USD
0 USD
0 USD
18.8 B USD
9.63 B USD
0 USD
7.55 B USD
7.26 B USD
0 USD
1.99 B USD
0 USD
Jan 1, 2015
0 USD
0 USD
0 USD
0 USD
41.04 B USD
0 USD
0 USD
0 USD
0 USD
14.97 B USD
10.18 B USD
0 USD
10.84 B USD
8.83 B USD
0 USD
7.52 B USD
0 USD
Jan 1, 2018
32.22 B USD
42.28 B USD
35.87 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2019
38.99 B USD
45.7 B USD
41.16 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2020
48.37 B USD
48.25 B USD
46.4 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2021
60.08 B USD
54.09 B USD
53.92 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2022
75.25 B USD
59.66 B USD
63.36 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
Jan 1, 2024
105.36 B USD
62.03 B USD
0 USD
0 USD
0 USD
77.73 B USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD
0 USD

Microsoft Revenue by Region

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Details
Date
Other Countries
United States
Jan 1, 2013
36.51 B USD
41.34 B USD
Jan 1, 2014
43.36 B USD
43.47 B USD
Jan 1, 2015
50.64 B USD
42.94 B USD
Jan 1, 2018
54.43 B USD
55.93 B USD
Jan 1, 2019
61.64 B USD
64.2 B USD
Jan 1, 2020
69.86 B USD
73.16 B USD
Jan 1, 2021
84.14 B USD
83.95 B USD
Jan 1, 2022
98.05 B USD
100.22 B USD
Jan 1, 2024
120.42 B USD
124.7 B USD
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Microsoft Eulerpool Fair Value

Loading chart...
Details

Fair Value

Understanding Fair Value

The fair value of a stock provides insights into whether the stock is currently undervalued or overvalued. It is calculated based on profit, revenue, or dividends and offers a comprehensive perspective of the stock’s intrinsic value.

Income-Based Fair Value

This is calculated by multiplying the earnings per share by the average P/E ratio of the selected past years for smoothing. If the fair value is higher than the current market price, it suggests that the stock is undervalued.

Example 2022

Fair Value Profit 2022 = Earnings per Share 2022 / Average P/E Ratio 2019 - 2021 (3 Years Smoothing)

Revenue-Based Fair Value

It is derived by multiplying the revenue per share by the average price-to-sales ratio of the selected past years for smoothing. An undervalued stock is identified if the fair value exceeds the ongoing market price.

Example 2022

Fair Value Revenue 2022 = Revenue per Share 2022 / Average PSR 2019 - 2021 (3 Years Smoothing)

Dividend-Based Fair Value

This value is determined by dividing the dividend per share by the average dividend yield of the selected past years for smoothing. A higher fair value than the market price indicates an undervalued stock.

Example 2022

Fair Value Dividend 2022 = Dividend per Share 2022 * Average Dividend Yield 2019 - 2021 (3 Years Smoothing)

Expectations and Forecasts

Future expectations provide potential trajectories for stock prices and aid investors in decision-making. The expected values are forecasted figures of fair value, taking into account the growth or decline trends of profit, revenue, or dividend.

Comparative Analysis

Comparing the fair value based on profit, revenue, and dividend provides a holistic overview of the stock’s financial health. Observing the annual and per-annual variations contributes to understanding the consistency and reliability of stock performance.

Microsoft historical P/E ratio, EBIT multiple, and P/S ratio

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Microsoft shares outstanding

The number of shares was Microsoft in 2025 — This indicates how many shares 7.465 B is divided into. Since shareholders are the owners of a company, each share represents a small portion of the company's ownership.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Number of stocks
Details
Date
Number of stocks
Jan 1, 2006
10.53 B Aktien
Jan 1, 2007
9.89 B Aktien
Jan 1, 2008
9.47 B Aktien
Jan 1, 2009
9 B Aktien
Jan 1, 2010
8.93 B Aktien
Jan 1, 2011
8.59 B Aktien
Jan 1, 2012
8.51 B Aktien
Jan 1, 2013
8.47 B Aktien
Jan 1, 2014
8.4 B Aktien
Jan 1, 2015
8.25 B Aktien
Jan 1, 2016
8.01 B Aktien
Jan 1, 2017
7.83 B Aktien
Jan 1, 2018
7.79 B Aktien
Jan 1, 2019
7.75 B Aktien
Jan 1, 2020
7.68 B Aktien

Microsoft stock splits

In Microsoft's history, there have been no stock splits.

Microsoft dividend history and estimates

In 2025, Microsoft paid a dividend amounting to 3.32 USD. Dividend means that Microsoft distributes a portion of its profits to its owners.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Dividend
Dividend (Estimate)
Details
Date
Dividend
Dividend (Estimate)
Jan 1, 2006
0.35 USD
0 USD
Jan 1, 2007
0.4 USD
0 USD
Jan 1, 2008
0.44 USD
0 USD
Jan 1, 2009
0.52 USD
0 USD
Jan 1, 2010
0.52 USD
0 USD
Jan 1, 2011
0.64 USD
0 USD
Jan 1, 2012
0.8 USD
0 USD
Jan 1, 2013
0.92 USD
0 USD
Jan 1, 2014
1.12 USD
0 USD
Jan 1, 2015
1.24 USD
0 USD
Jan 1, 2016
1.44 USD
0 USD
Jan 1, 2017
1.56 USD
0 USD
Jan 1, 2018
1.68 USD
0 USD
Jan 1, 2019
1.84 USD
0 USD
Jan 1, 2020
2.04 USD
0 USD

Microsoft dividend payout ratio

In 2025, Microsoft had a payout ratio of 28.38%. The payout ratio indicates the percentage of the company's profits that Microsoft distributes as dividends.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Payout ratio
Details
Date
Payout ratio
Jan 1, 2006
30.83 %
Jan 1, 2007
28.87 %
Jan 1, 2008
24.6 %
Jan 1, 2009
32.1 %
Jan 1, 2010
26.19 %
Jan 1, 2011
25.28 %
Jan 1, 2012
41.5 %
Jan 1, 2013
37.6 %
Jan 1, 2014
43.73 %
Jan 1, 2015
87.16 %
Jan 1, 2016
57.42 %
Jan 1, 2017
48.92 %
Jan 1, 2018
81.13 %
Jan 1, 2019
37.2 %
Jan 1, 2020
36.28 %
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Unfortunately, there are currently no price targets and forecasts available for Microsoft.

Microsoft Earnings Estimates

DateEPS estimateRevenue EstimateQuarterly report
1/28/20264.05 USD81.87 B USD2026 Q2
4/23/20242.7 USD62.09 B USD2024 Q3
1/22/20242.83 USD62.34 B USD2024 Q2
7/24/20232.59 USD57.12 B USD2023 Q4
4/24/20232.37 USD53.23 B USD2023 Q3
1/23/20232.34 USD53.76 B USD2023 Q2
10/25/20222.35 USD50.35 B USD2023 Q1
7/26/20222.34 USD53.22 B USD2022 Q4
4/26/20222.23 USD49.78 B USD2022 Q3
1/25/20222.36 USD51.64 B USD2022 Q2
1
2
3
4
5
...
9

Eulerpool ESG Scorecard© for the Microsoft stock

Eulerpool World ESG Rating (EESG©)

82/ 100

🌱 Environment

74

👫 Social

82

🏛️ Governance

91

Environment

Scope 1 - Direct Emissions
144,960
Scope 2 - Indirect emissions from purchased energy
8,077,403
Scope 3 - Indirect emissions within the value chain
16,624,000
Total CO₂ emissions
8,222,363
CO₂ reduction strategy
Coal energy
Nuclear power
Animal experiments
Fur & Leather
Pesticides
Palm Oil
Tobacco
Genetically modified organisms
Climate concept
Sustainable forestry
Recycling regulations
Environmentally friendly packaging
Hazardous substances
Fuel consumption and efficiency
Water consumption and efficiency

Social

Percentage of female employees33.1
Percentage of women in management
Percentage of Asian employees36.8
Share of Asian management33.8
Percentage of Hispanic/Latino employees8
Hispano/Latino Management share6.5
Percentage of Black employees6.7
Black Management Share4.5
Percentage of white employees45.2
White Management Share52.5
Adult content
Alcohol
Weapons
Firearms
Gambling
Military contracts
Human rights concept
Privacy concept
Occupational health and safety
Catholic

Governance (Corporate Governance)

Environmental reporting
Stakeholder Engagement
Call Back Policies
Antitrust law

The Eulerpool ESG Scorecard© is the strictly copyrighted intellectual property of Eulerpool Research Systems. Any unauthorized use, imitation, or infringement will be actively pursued and may lead to significant legal consequences. For licenses, collaborations, or usage rights, please contact us directly via our contact form. Contact Form to us.

Microsoft shareholders

%
Name
Stocks
Change
Date
9.40261 % The Vanguard Group, Inc.701,905,17313,604,3306/30/2025
4.93948 % BlackRock Institutional Trust Company, N.A.368,732,188-2,293,8106/30/2025
4.00799 % State Street Investment Management (US)299,196,5193,166,2756/30/2025
2.55692 % Fidelity Management & Research Company LLC190,873,8249,361,1756/30/2025
2.39788 % Geode Capital Management, L.L.C.179,001,7513,532,0546/30/2025
1.68663 % T. Rowe Price Associates, Inc.125,907,2305,302,7426/30/2025
1.35986 % Norges Bank Investment Management (NBIM)101,513,194-3,689,7906/30/2025
1.34774 % JP Morgan Asset Management100,608,89612,970,8586/30/2025
1.06512 % Capital International Investors79,511,159833,0956/30/2025
0.96150 % Capital Research Global Investors71,775,707-3,106,9346/30/2025
1
2
3
4
5
...
10

Microsoft Executives and Management Board

Mr. Satya Nadella

(57)
Microsoft Chairman of the Board, Chief Executive Officer (since 2011)
Compensation 79.11 M USD

Ms. Amy Hood

(53)
Microsoft Chief Financial Officer, Executive Vice President
Compensation 25.8 M USD

Mr. Bradford Smith

(66)
Microsoft President and Vice Chair
Compensation 23.44 M USD

Mr. Judson Althoff

(52)
Microsoft Executive Vice President, Chief Commercial Officer
Compensation 23.05 M USD

Ms. Sandra Peterson

(65)
Microsoft Lead Independent Director
Compensation 440,000 USD
1
2
3
4

Microsoft Supply Chain

NameRelationshipTwo-week correlationOne-month correlationThree-Month CorrelationSix-Month CorrelationOne Year CorrelationTwo-Year Correlation
SupplierCustomer -0,11-0,63-0,48-0,63
SupplierCustomer -0,25-0,22 0,140,25
SupplierCustomer 0,010,59-0,430,69
Uchida Esco Stock
Uchida Esco
SupplierCustomer -0,170,16-0,65-0,28
SupplierCustomer 0,62
SupplierCustomer -0,25-0,47-0,830,18
Barracuda Networks, Inc. Stock
Barracuda Networks, Inc.
SupplierCustomer 0,090,74-0,39
Blackhawk Network Holdings, Inc. Stock
Blackhawk Network Holdings, Inc.
SupplierCustomer -0,02-0,08-0,61-0,51
SupplierCustomer 0,11-0,47
Aukett Swanke Group Stock
Aukett Swanke Group
SupplierCustomer -0,01-0,070,440,460,55
1
2
3
4
5
...
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Most common questions regarding Microsoft

Microsoft's business model revolves around developing and selling a wide range of software, hardware, and services. As a leading technology company, Microsoft focuses on delivering innovative solutions to businesses and consumers worldwide. Their primary revenue streams come from sales of operating systems (Windows), productivity software (Microsoft Office), cloud services (Azure), and gaming (Xbox). With a strong emphasis on digital transformation, Microsoft aims to empower individuals and organizations through cutting-edge technologies such as artificial intelligence, mixed reality, and the Internet of Things (IoT). By constantly adapting to market demands and investing in research and development, Microsoft remains at the forefront of the technology industry.

All fundamentals about Microsoft

Our stock analysis for Microsoft Revenue stock includes important financial indicators such as revenue, profit, P/E ratio, P/S ratio, EBIT, as well as information on dividends. We also assess aspects such as stocks, market capitalization, debt, equity, and liabilities of Microsoft Revenue. If you are looking for more detailed information on these topics, we offer comprehensive analyses on our subpages.